“I do not see any fundamental change in output during this meeting. I think the decision would be to extend OPEC’s current decision, and a decision on close monitoring of the oil market would be taken,” Abdullah al-Attiyah was quoted as saying by al-Hayat.

“It is true that global inventories are high but oil prices are fluctuating in such a way that … does not allow taking a new decision at this stage,” he added.

OPEC is set to meet in Vienna on March 17 to review its oil supply policy.